BFC Weekly Recap: Hidden 401k Fees, Forgotten Accounts, and a Mortgage Shortcut
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Amazon Music Key Takeaways
- Many workers lose a significant portion of their retirement savings to hidden 401k fees that quietly drain their accounts over time.
- The recent 3.6 percent Social Security cost-of-living adjustment may feel smaller than expected once Medicare Part B premium increases are factored in.
- Rumors about a viral $200 Social Security bonus circulating online are completely false and should be ignored.
- Making biweekly mortgage payments instead of traditional monthly payments is a simple strategy that can significantly shorten the life of your home loan.
- Tracking down forgotten retirement accounts from previous employers ensures your money is actively working for your future rather than sitting stagnant.
In this week’s recap, Ralph Estep Jr. and Juliet look at why your Social Security raise is smaller than the headline, plus the 401(k) fees most people never see.
In This Episode
✓ Social Security goes up 3.6%, and what Medicare Part B may take back
✓ The viral $200 Social Security bonus is not real
✓ 401(k) fees, forgotten retirement accounts, and a bank text scam
✓ Biweekly mortgage payments and starting to invest early
✓ Inherited IRAs, stepped-up basis, and leaving a plan for your family
If you have ever wondered where your money quietly disappears each year, this recap gives you plenty to check.
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Companies Mentioned
Vanguard
Demos
Mercedes
Rolex
Apple
Frequently Asked Questions
What are hidden 401k fees and where do they come from?
Hidden 401k fees are management, administrative, and investment expenses that often go unnoticed by employees because they are automatically deducted from retirement account balances.
How do biweekly mortgage payments help pay off a home faster?
Making payments every two weeks results in the equivalent of 13 full monthly payments per year instead of 12, which directly reduces the principal balance and shortens the overall loan term.
Is the viral $200 Social Security bonus real?
No, the viral $200 Social Security bonus frequently mentioned on social media is entirely fake and not an official government program.
What happens to the 3.6 percent Social Security raise?
While the Social Security cost-of-living adjustment increases benefits by 3.6 percent, much of that raise is often absorbed by rising Medicare Part B premiums.
